US dollar UK mortgage offer turned into remortgage for renovations when purchase fell through

Area
Bedfordshire
Capital Raised
£475K

This client came to us after reading about a mortgage we’d arranged for another client earning in USD

The Scenario

Our client works in the oil and gas industry for a US company and is paid in US dollars. He was looking for a mortgage on a house in Bedfordshire that he and his wife were hoping to buy for their growing family.

He’d approached his current mortgage lender for new borrowing, but was told they were no longer accepting clients earning in foreign currency.

The Solution

There were also a couple of other issues that made this proposition a bit more complex:

  • The client worked irregularly in the US, with time back in the UK .
  • The current mortgage was only in his name, which lenders aren’t keen on if the other partner contributes to the mortgage costs. His wife would need to sign an “occupancy waiver.”

We secured the borrowing they needed on the £925K house they were hoping to purchase.

And then the sale fell through.

There wasn’t another house the couple wanted to buy in the area, so they decided to stay in their current home – if they could remortgage releasing sufficient funds to do the renovations that would give them the space they wanted.

We managed to get their purchase mortgage offer translated into remortgage funding within a week, with no drama.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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